Who Would Keep Their Euros in a Non-German Bank?

By: Monday March 25, 2013 8:30 am

Apparently a new plan has been agreed on to deal with Cyprus. Unlike the original plan to tax all depositors, this new plan would take huge amounts of money from depositors with accounts worth more than 100,000 euros. The plan would hit both of the country’s largest banks, even though only one was in immediate trouble.

I’m not an expert on Cyprus so I can’t speak to the details of this plan but as a regular person the whole saga leaves me with one conclusion: Only an idiot would keep their euros in a non-German bank.

 

Berlusconi’s Return Roils Italian Markets

By: Monday December 10, 2012 12:40 pm

Markets in Italy are freaking out today, mainly because of the pronouncement of one man, Silvio Berlusconi. The former Prime Minister plans to run for office yet another time, and Mario Monti, the current caretaker leader, has resigned, setting up new elections probably in February.

Greece Gets Extension on Meeting Budget Targets

By: Tuesday November 13, 2012 1:40 pm

Greece’s international creditors have delivered a minor lifeline to the ruined country, extending the deadline for when they must meet EU budget targets by two years. However, at the same time, the Eurozone finance ministers delayed the releast of a new tranche of bailout funds from Greece, worth 31.5 billion euro.

IMF Rejects Own Research, Backs Austerity in Portugal

By: Saturday October 20, 2012 12:00 pm

The EU wrapped up its summit, and the major policy announcement was an agreement for a single Eurozone bank regulator, a step on the road to common depository insurance. This is a couple years off, and leaders announced that no country would be able to get bailout funds for its banks until the regulator was in place, which could pressure Spain into tapping that bailout fund for its government operations, if they’re on the hook for rescuing their own banks in the near term. In addition, Germany and France appear divided over the next steps on fiscal integration, with Germany emphasizing budget discipline and France warning against recession.

European Union Wins Nobel Peace Prize

By: Saturday October 13, 2012 10:00 am

The Nobel Peace Prize for 2012 has been awarded to the European Union, in what the Nobel Committee describes as a kind of lifetime achievement award for keeping Europe mostly out of war with one another since 1945.

“The Norwegian Nobel Committee has decided that the Nobel Peace Prize for 2012 is to be awarded to the European Union (EU). The union and its forerunners have for over six decades contributed to the advancement of peace and reconciliation, democracy and human rights in Europe.”

IMF Chief Lagarde to Europe: Lighten Up on the Austerity

By: Thursday October 11, 2012 7:20 am

IMF managing director Christine Lagarde has been in the “stop the austerity” camp for a little while now, but this was perhaps her most explicit statement yet on the policy that’s gradually killing off Europe’s economy.

Greece Proposes Another Austerity Budget, Its Lenders Decide It’s Not Cruel Enough

By: Tuesday October 2, 2012 1:37 pm

The Greek government submitted a draft budget for next year that would only further increase the pain and suffering directed at the population, despite depression conditions. But the European leaders determining whether the fresh austerity plan is good enough to meet their conditions want even more pain, in the form of deeper wage cuts.

German Court Approves European Bailout Fund

By: Wednesday September 12, 2012 8:00 am

A German constitutional court has allowed the new European bailout fund, the European Stability Mechanism (ESM), to go forward, with only one condition that appears surmountable.

ECB’s Draghi Hints at Purchases of Sovereign Debt; Is Just Saying So Enough?

By: Tuesday September 4, 2012 10:40 am

Yesterday I noted what a consequential week this would be for the European economy, as the European Central Bank prepared to make its decision on how to deal with soaring bond yields in Italy and Spain. ECB President Mario Draghi let some of the cat out of the bag yesterday, hinting that the central bank would purchase short-dated sovereign debt instruments from those nations. Just hinting at this is already affecting markets.

Greece No Longer the Problem for Europe; It’s Recession and Capital Flight

By: Friday August 24, 2012 9:43 am

Greek Prime Minister Antonis Samaras begged his minders in the Eurozone for more time to institute austerity policies, asking German Chancellor Angela Merkel for “time to breathe.” That may not be forthcoming. The troika (the EU, IMF and European Central Bank) will write a report in the coming month that will determine whether they continue granting Greece tranches of the bailout agreed to earlier in the year. Germany and France have basically agreed that the reform targets must be met. And it does not look like they will grant an additional two years to Greece to meet those targets. The chances of a Greek exit from the Eurozone have definitely gone up.

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